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Home My WebLink About0914 t . ; ~ _ • . . ~ . . . ADJUSTABLE RAT~ 1tIDER (i Y~r I~e: - P~io~e ~a/ LKs I~rat W~N Cap~) 21st October 85 TH1S AQIUSTABLE RATE R1DER is msde this . day of . . . l9y . and is ~ incorpocatod into aad shsll ba damod to amend and suppkment the Mort~s~e. Deed af Trust or Securit Deed (the ' "Security lastrua~ent"') of tbe:sme date pvea bY the undersi~ned (tbe "Borrower") to securc Borrower's Adjusabk Race Noce (tba "Note'~ to .GA~i.Financ3al. Gorpa~at~.on,. a .Co~poratioa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender") o[ chs saciu date and coverin~ the propeny described in che Security Inscrumenc aud located at: • . . . . . . . . . . . . . . 1548. SE. Royal Green, Circle M-10$, Port. St: . Lucie, Florida . , 33452. . . . . . . [~~r ~~+1. THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES [N • THB iNTEREST RA'.'E AND THE MONTHLY PAYMEN?. AuutnoHw~ Covur~ In addition to che covenanu and agreemsnu made in the Security Instrument. Borrower and Lender further covenant and agrce u foliows: A. INTEREST RATE AND MONTHLY PAYMENT CHANG~S The Note provida for sn lnitisl Intercst Rate of 11 ~~5 The Note provides for chanaes in the interest rate sad the monthly paymenu. u foUows. 1. INTERFS? RA'tB AND MONTHLY PAYNENT CHANGES; BORROWERS ItiGHT TO LIMIT PAYMENT (A) Cbaap Data The interest nte 1 will psy may change on che first day of Nu~eu?b.iex 14 $4. and on :l~at day every 12th mont6 chereafter. Each date on which my interest rate could change is calkd a"Change Date." (9) 'ILe tnde: Beginaing with the Gnt Change Date. my intereat rate will be based on an Indea. The "index" is the wakly average yieid on Unitcd Suta Treasury securities adjustcd to a consant maturity of t year, as made available by the,Eederal Reserve Board. The most recent Index figure avaitabk u of the date 4S days beforc each Change Date is calted the "Current Index." !f the Indea is no longer available, the Note Hotder will choose a new index which is based upon comQarable information. The tiote Ho{der will givt me notice of this choice. (C) Cakuistiaa oi Chan~a Beforc each Change Dste, the Note Hoider will cakulate my new interest rate by addirtg ,,3: 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . percentage poinu ( 3~.a~• • •9e) co the Current index. The Yote Hoider will theu rouad the resutt of thu addition to the ne~rest one-eighth of one percentage point (O.t25%). This rounded amount wiU be my new interat nte until the next Chan~e Date. However, my iaterest rate shall never tx increased or decnssed on any single change dace by more than ~;00. percenu~e poiaa( ...2.OR 96) from tde nte of interesc 1 had bSen~Qaying immediately prior co che change date. and my ; raee of iaterat shaU never iacrase or decrease by more ttun percentage poincs (..5.04 • 9b) from the lnitial Incerest Rate over the term of the Note. ~ The Note Holder will then determine the amount of tht monthly psyment that would be su~cient to repay the unpaid principal that ! am expected co owe at the Change Date in full on the maturity date at my new interest cate in ~ subsantially equal paymencs.The result of this cakulation will be the new amount of my monthly payment. ~ ~ ~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER ~ Uniforaa Covenant 17 of the Security [nstrument i ame~ed to read as follows: Property eocQeW y pa pt y y ~ Trander olths or s seoeQeW intsrat la Dorrowet. !f aU or an rt of the Pro rt or aa interest in it i~ ~ soid or tnnsferrcd (or if s beaeficial intereit in Borcower is soki or trsnsferred sad Borrower is aot a natursl penon) ~ without Leuder's prior written consent, Lender may, at its opdoa, require immediate psyanent in full of sU sums secured ~ by this Security Iastrumenc. However. this optioa st~all aoc be exercised by Lender if exercise is prohibited by federal !sw ~ as o[ t5e dau of tbis Security tastrument. Lendcr also shaU not eaercise t~is option if: (a) Borroww~r ca~xs to bs submetted eo Lender infonaacion rcquired by Lender co evalwce the intended transfera ss if ~ MW IO<Q VYtt~G btlOS Q1idt t0 Lht ~ ccansferce; and (b) Lender reasonably determina that Lender's sesurity wiU not be impsired by the loaa auumption and ~ that the risk of a breach of any covenant or a~C+ee~at in tbis Security Iastrument is sccxpubk to Lender. ~ ~ To ths ezcent percnitted by ipplicabk lsw, Lender may etur~e a rasonabk fee ss a coadition to Lender's consent ~ to che ioan assumption. Lender rtuiy atso require the trsasftra co si~n aa assumption a~tameat thst is acceptabk to ~ Lender and ~hat obli~ates the tnnsferee to kap aU the proau~ and a`rcemenu made in the Note and in this Security tnscrument. Banower will continue to be obli~sted under che Note and tltis Security Iastrun~tnt unltss Lender nkases ~ Borrower ia writin=. ~ YULTitTAT~ I1~,IU~TAiLS 1lAT~ 1110~l1-1 Y~M TrwYry M~Mat - Sinpf~ Famfly - Fti~AA/FFI~YC {JnMo~~ MNn~nl ~ ' ~ . 4~ : ,so.aa.e~ ers~ vn BOOK ~O{7 PAUE ~~4 s pase t of 2 ~ . I . _ ~=a - - _~r _ - _....~~__._.R___.~.____.